For all four trading days of 2026, the NASDAQ has lurched higher. This morning, the /NQ cut above one of the resistance levels I had laid down.
The next goal for the bulls would be to push above the even more important resistance level I’ve highlighted with a circle.
And, God forbid that should happen, the next and final assault would be on lifetime high itself, which remain anchored way back in October only a few hundred /NQ points higher from here.
Simultaneously, the gap on the QQQ is very close to getting sealed.
It just seems endless, irrespective of valuations and fundamentals. At least later this month we’ve got some honest-to-God earnings data that will help guide the market and see if this are sensible are unhinged.
I would also add that something no one seems to be talking about is the Supreme Court’s ruling on tariffs that could roll out on Friday. Coupled with the pre-opening jobs report, it could make for a very crazy final day of the week.
